Coinbase has initiated legal action against the United States Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC), according to a FoxBusiness report.
The lawsuits, filed on June 27, assert that the SEC and FDIC did not comply with Freedom of Information Act (FOIA) requests submitted to the U.S. District Court for the District of Columbia.
The lawsuits claim that the federal agencies are attempting to exclude the crypto industry from the banking sector.
Coinbase’s FOIA requests to the SEC were aimed at obtaining information about the agency’s stance on Ethereum, particularly its transition to a proof-of-stake (PoS) consensus mechanism.
Coinbase sought records related to Ethereum 2.0 and previous investigations involving Zachary Coburn and Enigma MPC through its consultant firm, History Associates Inc.
According to History Associates:
“For nearly two years, a wide array of federal financial regulators—including the Securities and Exchange Commission (“SEC”), the FDIC, and the Federal Reserve Board—have used every regulatory tool at their disposal to try to cripple the digital-asset industry.
“This FOIA lawsuit seeks to bring to light the FDIC’s role in that unlawful scheme.”
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Coinbase’s complaints argue that the regulatory actions against the crypto industry are part of a broader effort to undermine it.
The lawsuits describe the actions of the SEC and FDIC as “a coordinated attempt to cut off digital-asset firms from essential banking services.”
According to the legal documents, Coinbase views the SEC’s refusal to release records from concluded investigations as:
“A deliberate obstruction to understanding the legal framework behind the agency’s enforcement actions.”
This legal action is part of what History Associates describes as “Coinbase’s ongoing conflict with U.S. regulators.” Paul Grewal, Coinbase’s chief legal officer, stated in an X thread:
“Financial regulators have used multiple tools at their disposal to try to cripple the digital-asset industry. […] This is no way to regulate.
“And this is no way to operate a transparent government.”
History Associates highlights the “broader debate over how digital assets should be regulated in the U.S.” as Coinbase continues to advocate for clearer guidelines.
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